In a magnetic recording medium such as a magnetic disc, a magnetic tape and a magnetic card prepared by applying a magnetic coating composition comprising magnetic powder, a resinous binder, an organic solvent and other necessary components onto a base substrate to make a magnetic layer, the magnetic layer is apt to be worn away due to its contact with a magnetic head or pad at a large velocity during recording and reproducing. Hitherto, wear resistance of the magnetic layer has been improved by the addition of a lubricant such as a higher fatty acid or its ester. Such conventional lubricants, however, have several drawbacks. For example, the lubricant with a high boiling point solidifies or becomes viscous at a low temperature so that it cannot produce the intended lubricating effect at that temperature. On the other hand, the lubricant with a low boiling point easily evaporates or has very low viscosity at a high temperature so that it exudes excessively on the surface of the magnetic layer due to sliding contact with the magnetic head and the like. Further, during storage of the magnetic recording medium, the lubricant is apt to exude on the the surface of the magnetic layer at a high temperature. Therefore, the conventional lubricant does not satisfactorily improve wear resistance of the magnetic layer in a wide service temperature range of from a low temperature to a high temperature.